SuperGroup shares pass £10 as directors hold onto stock

SuperGroup shares, floated at 500p last year, climbed back over the symbolic
£10 level after its directors promised not to sell any stock for the
foreseeable future and gave another positive update on trading.

Sales at the wholesale side of Supergroup were up 98pc to £21mPhoto: PA

The high street fashion company, behind the Superdry label which numbers David Beckham and Kate Moss among its customers, said sales had increased 66pc to £54m in the three months to the end of July. The City welcomed the buoyant sales figures but was happier still with the news that senior managers would not sell any shares when their lock-up following last year's initial public offering ends this month.

"All directors have indicated that they will not be selling their shares," said Julian Dunkerton, the chief executive. "I'm sure investors will be pleased we're staying where we are, and I think people are now getting the story that we are a long-term lifestyle brand and not a fashion moment."

Freddie George, analyst at Seymour Pierce, said: "I am not surprised the stock is up. We always said it would take a full half-year for the doubters to be silenced, so let's wait to see what the next quarter brings, but these are good figures."

Sales at the wholesale side of the business which supplies international retailers with the distinctive hoodies, checked shirts and chunky scarves, were up 98pc to £21m.

The shares, which peaked at above £18 earlier, closed up 69p to £10.59.